Chapter 12 Outline

Chapter 12 Outline - Department of Economics South Dakota...

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Unformatted text preview: Department of Economics South Dakota State University Chapter 12: The Structure of the Federal Reserve System Econ 330: Money and Banking Fall 2007 Prof. Joseph Santos This outline draws from Frederic Mishkins Money, Banking and Financial Markets (2007) and, as such, contains copy written material. Please do not quote without proper citation. Department of Economics South Dakota State University [1] Entities of the Federal Reserve System Federal Reserve Banks (FRBs) Board of Governors (BOG) of the Federal Reserve System Federal Open Market Committee (FOMC) Federal Advisory Council About 2,800 member commercial banks (MBs) [1] Entities of the Federal Reserve System [2] Federal Reserve Banks [3] Basic Functions of Each Federal Reserve Bank [4] Federal Reserve Banks Involvement In Monetary Policy [5] Member Banks [6] Board of Governors [7] Federal Open Market Committee (FOMC) [8] FOMC Meeting [9] Fed Independence [10] Basic Structure of the ECB [11] ECB v. Fed [12] ECB Independence [13] Fed Personalities [14] ECB Personalities This outline draws from Frederic Mishkins Money, Banking and Financial Markets (2007) and, as such, contains copy written material. Please do not quote without proper citation. Department of Economics South Dakota State University [2] Federal Reserve Banks Each of Federal Reserve banks is a quasi-public institution owned by district member commercial banks. Member banks purchase stock in their district Federal Reserve bank. Member banks elect six directors for each district bank; the Board of Governors appoint three directors. These nine directors appoint the president of the bank (subject to the approval of the Board of Governors). The directors are classified into three categories. Three A directors (elected by the member banks) are bankers. Three B directors (elected by the member banks) are prominent leaders from industry, labor, agriculture, or the consumer sector. Three C directors (appointed by the Board) represent the public interest and, as such, must not be officers, employees, or stockholders of banks. [1] Entities of the Federal Reserve System [2] Federal Reserve Banks [3] Basic Functions of Each Federal Reserve Bank [4] Federal Reserve Banks Involvement In Monetary Policy [5] Member Banks [6] Board of Governors [7] Federal Open Market Committee (FOMC) [8] FOMC Meeting [9] Fed Independence [10] Basic Structure of the ECB [11] ECB v. Fed [12] ECB Independence [13] Fed Personalities [14] ECB Personalities This outline draws from Frederic Mishkins Money, Banking and Financial Markets (2007) and, as such, contains copy written material. Please do not quote without proper citation. Department of Economics South Dakota State University [3] Basic Functions of Each Federal Reserve Bank Clear checks....
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This note was uploaded on 04/09/2008 for the course ECON 330 taught by Professor Santos during the Spring '08 term at SD State.

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Chapter 12 Outline - Department of Economics South Dakota...

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